A man looks at an electronic stock board of a securities firm in Tokyo, May 23, 2014. Asian stock markets were mostly lower on Thursday, May 29, as investors took a breather after the previous day’s rally, taking their lead from a retreat on Wall Street. AP PHOTO/KOJI SASAHARA
HONG KONG—Asian stock markets were mostly lower on Thursday as investors took a breather after the previous day’s rally, taking their lead from a retreat on Wall Street.
The euro continued to face pressure from the dollar and the yen ahead of next week’s European Central Bank board meeting that many expect will see an easing of monetary policy.
Tokyo reversed earlier losses to end higher for a sixth straight session. The Nikkei edged up 10.77 points to 14,681.72, while Sydney fell 0.14 percent, or 7.68 points, to 5519.5 and Seoul lost 0.24 percent, or 4.80 points, to close at 2,012.26.
Shanghai shed 0.47 percent, or 9.63 points, to 2,040.60 and Hong Kong lost 0.30 percent, or 69.89 points, to 23,010.14.
With key US economic data due to be released later in the day, including the second estimate of first-quarter gross domestic product, dealers were keeping to the sidelines after enjoying a healthy pick-up on Wednesday.
On Wall Street the three main indexes ended lower ahead of the indicators. The Dow dipped 0.25 percent, the S&P 500 eased 0.11 percent, snapping a two-day streak of record closes, and the Nasdaq fell 0.28 percent.
Investors are also waiting for the release Monday of HSBC’s closely watched purchasing managers index (PMI) of manufacturing activity from China, the United States and Europe, hoping for signs of further improvement.
China is also due to unveil its own official PMI on Sunday.
Traders eye ECB policy easing
On foreign exchange markets the euro fell to 138.02 yen from 138.40 yen late in New York and 138.96 yen in Tokyo earlier Wednesday, with expectations high that the ECB will announce new measures to combat tepid price rises.
The bank’s chief Mario Draghi this month hinted at possible new policy moves as it struggles to prevent deflation in the eurozone.
The single European single currency also fetched $1.3591, against $1.3590 in US trade—which was a 15-week low—while the dollar eased to 101.54 yen from 101.84 yen.
In oil trade the US benchmark, West Texas Intermediate for delivery in July, climbed three cents to $102.75 a barrel and Brent North Sea crude for July gained 13 cents to $109.94.
Gold fetched $1,254.15 an ounce at 1040 GMT compared with $1,265.08 late Wednesday.
In other markets:
– Bangkok gained 0.41 percent, or 5.72 points, to 1,408.51.
Thai Airways International rose 5.88 percent to 14.40 baht, while Bangchak Petroleum dropped 2.46 percent to 29.75 baht.
– Kuala Lumpur’s main stock index added 4.96 points,or 0.27 percent, to 1,876.62.
Public Bank gained 0.7 percent to 20.62 ringgit, while Axiata Group rose 1.2 percent to 6.90.
– Mumbai fell 1.31 percent, or 321.94 points, to end at 24,234.15 points.
Infosys slid 7.81 percent to 2,924.30 rupees and Wockhardt tumbled 7.69 percent to 592.80 rupees.
– Singapore’s Straits Times Index rose 0.88 percent, or 28.87 points, at 3,300.71.
DBS Bank gained 0.71 percent to Sg$16.98 while oil rig maker Keppel Corp. was up 0.56 percent to Sg$10.72.
– Taipei fell 0.14 percent, or 12.71 points, to 9,109.0.
Smartphone maker HTC rose 0.31 percent to Tw$163.5 and Taiwan Semiconductor Manufacturing Co. skidded 1.61 percent to Tw$122.0.
– Wellington was flat, nudging up 1.7 points to 5,183.16.
Air New Zealand added 0.46 percent to NZ$2.175 and Telecom was down 0.18 percent at NZ$2.72.
– Manila closed 1.64 percent lower, shedding 111.21 points to 6,676.67.
The government said gross domestic product grew 5.7 percent in the first three months of 2014, the first time in nine quarters it has seen expansion below six percent.
Metropolitan Bank and Trust fell 2.96 percent to 83.50 pesos while BDO Unibank eased 0.56 percent to 88.40 pesos.
– Jakarta was closed for a public holiday.
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